Johnson Controls on Wednesday reported record quarterly earnings, fuelled by new automotive interiors business and stronger sales of commercial building systems, Reuters said.
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The fourth-largest US car parts maker said its net income in the fiscal fourth quarter rose to $US220 million from $191 million a year ago, the report added.
Reuters said the Milwaukee-based company, which is benefiting from a push by car makers to upgrade the quality of their vehicles’ interiors, said its fourth-quarter sales climbed to $6.0 billion from $5.2 billion.
Automotive sales increased 18% in the fourth quarter, driven by new interior systems business including seating, instrument panels, overhead, door and electronic components, with the weaker dollar contributing one-third of the revenue gain, the report added.
According to Reuters, the company said a 7% rise in North American sales of interiors and batteries more than offset the effect of a 5% decline in industry vehicle production in the quarter – North American battery revenues fell slightly due to lower demand for replacement batteries in the aftermarket.
Reuters noted that Johnson Controls last week forecast 2004 sales would increase by 10% to 12%, helped by new seating, interiors and electronics business.
